The RMLS Market Action report for May 2010 was published today. I’ve written a post every month since 2005 when the blog began on the Portland Metro report. We’ve watched the Portland real estate market rise, fall and now level off, each month reporting inventory as an indicator of market health. I’m going to continue to do that but also look closer at the five RMLS areas that make up most of Portland. Portland Metro for RMLS is made up of five counties, a smaller area than seven county the Portland MSA, but still a large area when real estate is considered so local.
Inventory dropped between April in May Portland Metro and four of the five Portland RMLS areas. Metro’s inventory is the lowest it’s been since August 2007. Pending sales dropped by 50% in the same period which may be a precursor to an inventory bump next month. Tax Credit eligible transactions need to close by the end of June so that may counter that a little.
The average sales price for the metro area is $275,500 and the median price is $239,000. That’s down from May 2009 where the average sales price was $291,00 and the median $250,000.
At the end of the day, consistency of the data is what matters; there’s nothing wrong with either RMLS Market Action, Case Shiller or other reports as long as methodology remains the same.